When the new tax rates came into effect in early 2018, we did our spreadsheet analysis to try and pinpoint the correct withholding to use for the remainder of the tax year. I think we did pretty well with the withholding although we got a bit more in the deductions due to a couple of things: 1) we were especially generous this year with a couple of new pro-2A foundations* and 2) we paid the vehicle tax on the motorhome for 2019 in advance when we were upgrading to the W7GD call plates. All this resulted in a modest over-withholding to the tune of getting a good chunk back from the Feds and a small amount from the state. For the latter, our contributions to the Arizona Private Education Scholarship Fund completely eliminates any state income tax liability and are also deductible under 501(c)(3).
So, now all that is left to do is the actual filing; on-line for the Fed and via mail for the state. Since I only got the last of the 1099s today and because of an unusual circumstance involving class-action litigation from which we received a modest sum, I want to go over the numbers one more time before pulling the big handle.
So, that’s just about it for the 2018 tax fiasco. I am going to adjust the 2019 withholding spreadsheet since the Damsel will now start to get a small pension from her previous employer. We are still waiting for those figures to come in for us to account for them.
* Arizona Citizens Defense League Foundation and Gun Owners of America Foundation, both 501(c)(3) charities.
UPDATE 02/06/2019: Our refund was posted in the account today, less than ten days from the time we filed. The Feds seem to have the process worked out. Not so much Arizona, That refund is forecast to be deposited on or about the 11th of February. That’s still a lot faster than the old days.
We got our final tax docs in the mail today, so the wife has been crunching numbers all day.
We’re a wash with Colorado, and we’re getting some back from the Feds….
I will be filing later this morning. It’s good to have this behind us now. All that’s left to do is look at the 2019 withholding numbers and adjust as appropriate.